Energy Select Sector SPDR
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|It was a first positive week for the Energy Select Sector SPDR (XLE). During the week, the XLE gained 4.06 points, or 6.03%, and closed at 71.41 on Friday, April 13, 2018. Weekly volume was 17% above average. |
Long-term trend: [See XLE long-term trend chart]
A long-term uptrend had started on January 20, 2016 at 49.93 and reached 78.45 on December 12, 2016. XLE gained -28.52 points, or -57.12%, in 46 weeks. The chart has formed a Descending Triangle chart pattern. The trend support level is at 66.61 and resistance is at 78.38. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a long-term trend.
Medium-term trend: [See XLE medium-term trend chart]
A medium-term downtrend had started on January 24, 2018 at 78.39 and reached 64.45 on February 9, 2018. XLE lost 13.94 points, or 17.78%, in 2 weeks. The price is now at the 49.93% retracement level.
Weekly Technical Indicators: [See XLE weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since February 9, 2018. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
Short-term trend: [See XLE short-term trend chart]
A short-term uptrend had started on February 9, 2018 at 64.45 and reached 71.70 on April 13, 2018. XLE gained -7.25 points, or -11.25%, in 63 days. Price is near the trend high.
Daily Technical Indicators: [See XLE daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is above its signal line since February 23, 2018. This is an indication that the short-term trend is up.
The price touches the upper Bollinger Band. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.